Frequently Asked Questions

You are required to provide written evidence to claim a tax deduction if your total expense claims exceed $300. If your total expense claims total less than $300 the provision of receipts is not required at all. Furthermore, there are some deductions we can claim without receipts. E.g. motor vehicle expenses, Laundry, home office expenses, etc.

You must keep your records for 5 years from October 31st (or if you lodge late, five years from the date you lodge your return). If at the end of this period you are in dispute with the ATO, you must keep you records until any dispute is resolved.

The ATO will only accept the following: •A receipt from supplier of the goods or services In place of a receipt, the following documents are also acceptable, as long as they contain (the supplier name, ABN, date, items description) •Bank statements• Credit card statements• BPAY reference numbers• Email receipts• PAYG payment summary• Paper or electronic copies of original documents For small business evidence recorded by you without a receipt is only acceptable for expenses of $10 or less, as long as the total of these expenses does not exceed $200 (parking tickets etc)

Only study directly related to your current job may be claimed as a self-education expense. For example if you were a hairdresser and you were studying bookkeeping then you wouldn't be able to claim the cost of the course as a work related expense - even if you were looking for work as an accountant.

Trips between home and work are generally considered private travel and therefore not tax deductible except in certain circumstances. Travel between jobs on the same day and travel for work (ie. visiting clients, doing pick-ups or deliveries) would be claimable. If you use public transport then keep all receipts and/or diary records. If you use your own car then you need to keep a log book of all business mileage travelled and all expenses of the car including fuel, repairs, registration, insurance and interest on a car loan. At MultiTAX we will help you use the best motor vehicle method for a maximum tax saving.

Up until 2015, there were four ways to calculate work related car expenses on your tax return. From 2015 there are only two methods: • Cents per km method • Log book percentage claim (12 week log book required)

Deductions for uniforms can only be claimed if the work uniform is specific and identifiable to your organisation (such as chef's checked pants) or protects you from injury whilst you are at work. You can't claim the cost of a plain uniform or conventional clothing, such as white shirt and black pants or skirt which is commonly worn by waiters and waitresses, even if your employer tells you to wear them.

The amount you can claim will depend on the income levels of you and your individual family members, the age of your children and any amount already received through Centrelink payments. It is, therefore important that you bring all these details with you when you attend our office to have your return prepared.

You can claim a deduction for your related expenses for the period your property is rented or is available for rent. Some expenses can be claimed immediately while capital work expending can be deducted over a number of years.

Some taxpayers might be exempt from capital gains while others may have to pay tax on their capital gains. It differs from one individual to another. Our experts at MultiTAX can help you prepare your capital gains or losses schedule in your tax return.